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Lloyd’s shells out £50mn annually on SII preparations

30 June 2010

Lloyd's is spending £50mn per year on preparations for Solvency II with the go-live date still two-and-a-half years away, the Society's director of performance management Tom Bolt has revealed.

Bolt disclosed the all-syndicate planning and compliance estimate while speaking at Standard & Poor's UK Insurance Symposium yesterday (29 June).

The audience heard: "Lloyd's is spending £51mn a year on Solvency II - and that's a lot of money for a new scorecard."

He cited an unnamed syndicate with a Bermudian...

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